EMI Calculator

EMI Loan Calculator

EMI loan calculator is an online tool that can help you calculate and determine the loan instalments, interest accrued, repayment schedules, and tenure period just by inputting details like loan amount, loan interest, and the period of the loan also known as the main factors for loan into the calculator. This tool has become extremely useful and helpful for many people who are getting a loan to fulfil their required needs.

How Can You Use An EMI Calculator?

Loan EMI calculators require three main factors: loan amount, interest rate on the amount, and the tenure of the loan that you must provide to calculate and determine the monthly instalments and interest rate that you must pay. It is always recommended to use an EMI calculator before applying for a loan as it can help you avoid making bad financial choices. The following is the formula used by many loan EMI calculators:

EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]

where
P= Principal amount/Loan amount
R= Interest rate
N= Loan tenure

Factors Affecting Payment Of Loan Amount:

The following are the main factors that affect the payment of loan amount that you should consider before applying for a loan:

• Tenure of the loan:
  It can affect your payment amounts as it can change based on the bank policy or market rate when you are applying for a loan. Hence it is always advised to calculate and determine your loan tenure beforehand using an EMI loan calculator.
• Interest rate:
  Another important factor is the interest rate that will be charged by the bank based on the loan terms and conditions or standard market rates. Therefore, you always make sure to read all the terms and conditions before getting the loan. It is always advised to opt for a loan with a low-interest rate.
• Loan amount:
  Your loan amount can have a significant impact on the payment of the loan amount as such it is the most important factor that you should watch out for and try to determine it beforehand using an EMI calculator.

Types Of Loan EMI Calculator:

The following are the various types of EMI loan calculators that you can use to calculate and determine your loan repayments and interest rates:

• Personal Loan EMI calculator:
  These types of calculators are generally used to calculate loan interest rates, repayment amounts, and periods on personal loans such as medical emergency loans, vacation loans, weddings, home renovation, educational loans, etc.
• Car Loan EMI calculator:
  Buying a car can be a huge moment in someone's life, they can also require a loan to get their dream car. But they should always make sure to get a car loan that is affordable and can be paid with low interest by using a car loan EMI calculator to determine the accurate interest rate and the repayment schedule.
• Home Loan EMI calculator:
  Getting a home loan can be a hassle especially if the home loan is for a long period. But by using a home loan EMI calculator you can get the accurate details of your loan repayment amount, and interest rate in an instant. You can also calculate your property loan repayment amount and interest rate using a home loan calculator or property loan EMI calculator.

Benefits Of Using An EMI Loan Calculator:

The following are the various benefits of using an EMI loan calculator:

• Get accurate estimates on EMIs:
  You can get accurate and detailed estimates by providing data like loan amount, interest rate, and loan tenure by using EMI calculators.
• Save time on EMI calculation:
  By using an EMI calculator, you can save time on complex EMI calculations.
• Avoid mistakes and miscalculations:
  EMI calculators can help you avoid mistakes and miscalculations when determining the loan details.
• Get specific loan breakups for every type of loan using various EMI loan calculators:
  You can use various EMI loan calculators available to determine the loan details that match your needs.